Approximately 75% of transactions on the Solana network have been unsuccessful due to the recent surge in activity caused by the memecoin frenzy. However, supporters argue that the data is being misinterpreted. According to data from Dune Analytics, on April 4, the failure rate for “non-vote” Solana transactions reached an all-time high of just over 75%. This increase in failed transactions has led to numerous complaints from Solana users on social media about transaction failures and a deteriorating user experience.
Altcoin Sherpa, a pseudonymous trader, expressed belief in a post on April 4 that Solana would establish itself as the blockchain network for retail adoption. However, they noted that the current user experience is less than ideal.
On the other hand, Mert Mumtaz, CEO of Helius and a vocal advocate for Solana, disputed the claim that 75% of transactions were failing. He argued that the majority of failed non-vote transactions were simply “bot spam.” According to Mumtaz, users are usually not greatly affected by this issue because their wallets simulate the transaction and inform them beforehand if it will not work. He also stated that the failed transactions chart is not an accurate way to assess user impact, as most users do not even reach that stage. Mumtaz explained that approximately 95% of the chart represents bots failing arbitrage attempts.
Furthermore, Mumtaz clarified that increasing transaction priority fees would not solve the problem, as much of the spam activity occurs before the scheduling process. He warned that increasing fees above a certain median would only result in users wasting money. He also expressed doubts that the upcoming 1.18 Solana network upgrade would address these issues, suggesting that the degraded user experience on Solana could persist for some time.
The price of Solana (SOL) has declined by approximately 3% in the past week, following a 45% rally in the previous month. As a result of this weekly drawdown, Solana has dropped to the position of the fifth-largest cryptocurrency by market cap, with a total value of $81 billion, trailing behind Binance’s BNB token at $89 billion.
In related news, a team of white hat hackers called “SEAL 911” has been formed to combat crypto hacks in real time.